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MYTH ABOUT LOSING YOUR MEDICARE SUPPLEMENT PLAN F

By rwevenson91601593, Jul 18 2017 07:13PM

If you have been approached by an insurance agent or company stating Plan F is going away in 2020 and not to purchase one now or to change your existing coverage BEWARE. Medicare Access CHIPReauthorization Act (MACRA) of 2015 prohibits the sale of Medigap Plan F and C beginning in 2020. That prohibition only applies to newly eligible Medicare beneficiaries. Congress did not prohibit the sale of these policies to people who were already eligible or enrolled in Medicare before 2020.

Many seniors like Plan F because it pays the Part A and B deductibles of Medicare. All they need to remember is to pay their premium and make sure the claim is an approved claim from Medicare. Marketing of other supplement plans like Plan G is being done heavily because, for some insurance companies, Plan F premiums are too expensive in the marketplance. Only their Plan G premium can compete. Or, maybe a sales representative only sells price and not benefits. Remember, saving a penny today could cost you a dollar at some point.

Again, beware, only people who become eligible for Medicare on or after 1/1/2020 are affected by the change. If you have Plans C or F, you can keep it.

Ethics is the base from which we operate and the reason we are in business is to serve the public.